Dáil Éireann Debate, Wednesday - 30 June 2004
182 Mr. Stanton asked the Minister for Finance the moneys remitted to his Department by year and by company in the period 1 January 1994 to 31 December 2003 pursuant to section 307 of the Companies Act; and if he will make a statement on the matter. [19756/04]
Amharc ar fhreagra183 Mr. Stanton asked the Minister for Finance the use to which moneys remitted to his Department in the past ten years pursuant to section 307 of the Companies Acts have been put; and if he will make a statement on the matter. [19757/04]
Amharc ar fhreagraI propose to take Questions Nos.182 and 183 together.
Section 307 of the Companies Acts 1963 to 2001 provides that unclaimed dividends and unapplied or undistributable balances arising out of voluntary liquidations are to be lodged to the companies liquidation account, which is under the control of the High Court. If the moneys are still unclaimed after seven years then, under section 307(4), they are paid into the Exchequer.
Under this section, the Courts Service has remitted sums annually as follows to the Exchequer, in the period 1 January 1994 to 31 December 2003.
|
Year |
IR£,000 |
€,000 |
|
1994-1997 |
Nil |
|
|
1998 |
228 |
|
|
1999 |
372 |
|
|
2000 |
6 |
|
|
2001 |
27 |
|
|
2002 |
182 |
|
|
2003 |
130 |
The Courts Service does not supply a breakdown by company of the moneys paid into the Exchequer.
It should be noted that section 307(4) also provides that where the High Court is satisfied as to the entitlement of any person claiming any dividend or payment out of the moneys paid into the Exchequer, it may order that such sums as may be necessary shall be issued from the Exchequer to provide for that dividend or payment. To date, no such claim has been received.
Article 11 of the Constitution requires that State revenues, including tax revenue, non-tax revenue and Exchequer borrowing, are paid, in general, into the Central Fund, the Exchequer. In this regard, the moneys referred to by the Deputy are transferred into the Central Fund as part of the non-tax revenues for the year in which they are collected. As such, they are part of the total resources that underpin the Government's expenditure targets for that year.
